Ramaphosa puts minerals beneficiation at centre of India talks - IOL

At the India-South Africa Business Leaders' Roundtable, President Cyril Ramaphosa has emphasised the critical potential of South Africa’s strategic minerals and India's vast manufacturing capabilities as foundational elements for bolstering the two nations’ bilateral economic growth.

President Cyril Ramaphosa has used his opening address at the India-South Africa Business Leaders' Roundtable to advance the responsible exploitation of the country's critical and strategic minerals and the leveraging of India's massive manufacturing capacity as the cornerstone of the two countries' bilateral economic growth.

Speaking ahead of the official 18th BRICS Leaders’ Summit held at Bharat Mandapam in New Delhi, Ramaphosa painted a vision of mutual prosperity heavily rooted in strategic resource management, and not the exploitation that has characterised Africa's demise.

"The strength of the partnership between South Africa and India is not measured by the agreement we sign but by the impact we achieve," Ramaphosa remarked, signalling a shift towards pragmatic and results-driven collaboration.

He highlighted a shared responsibility for both countries to harness investment, trade, exports, and innovation while ensuring sustainable development.

During his address, the President placed significant emphasis on the imperative of local beneficiation and manufacturing, advocating for African nations to take charge of their raw commodities rather than allowing external entities to reap the benefits.

He objected to a future where "Africa supplies the minerals on which the next generation of industries depends, while value addition and manufacturing take place elsewhere," a sentiment that struck a chord amid ongoing debates regarding resource ownership and economic sovereignty.

Reflecting on India’s role within the BRICS coalition, Ramaphosa expressed gratitude for the considerable investments made by Indian enterprises in South Africa. Over 150 Indian companies have collectively invested over $10 billion, creating jobs for more than 18,000 South Africans. This fruitful partnership has set a benchmark for foreign investment in South Africa, fostering a spirit of collaboration that underscored Ramaphosa's address.

"At the same time, many leading South African companies have invested in India's growth," he noted, reinforcing the reciprocal nature of the budding relationship. As discussions continue amidst strained US-South Africa relations, the call for the BRICS nations to expand their trading systems, potentially involving the use of their own currencies, has grown louder.

Prime Minister Narendra Modi also echoed sentiments of inclusivity during his opening comments, urging an end to the "pyramid of power and privilege" in global governance.

"The pyramid of power and privilege must come to an end. Today, the global South stands at the forefront of global crises but in the back row of the decision-making process. We must transform this pyramid of privilege into a platform of partnership where every nation has a voice, every member has a stake, and the development of humanity lies at the heart of every effort."